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THE NATIONAL TRUST OF WESTERN AUSTRALIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018

Impairment

Non-financial assets, including items of plant and equipment, are tested for impairment whenever there is an indication that the asset may be impaired. Where there is an indication of impairment, the recoverable amount is estimated. Where the recoverable amount is less than the carrying amount, the asset is considered impaired and is written down to the recoverable amount and an impairment loss is recognised. Where an asset measured at cost is written down to its recoverable amount, an impairment loss is recognised through profit or loss. Where a previously revalued asset is written down to its recoverable amount, the loss is recognised as a revaluation decrement through other comprehensive income. As the Trust is a not-for-profit agency, the recoverable amount of regularly revalued specialised assets is anticipated to be materially the same as fair value. The risk of impairment is generally limited to circumstances where an asset’s depreciation is materially understated, where the replacement cost is falling or where there is a significant change in useful life. Each relevant class of assets is reviewed annually to verify that the accumulated depreciation/amortisation reflects the level of consumption or expiration of the asset’s future economic benefits and to evaluate any impairment risk from declining replacement costs.

5.2 Intangible Assets

Year ended 30 June 2017 1 July 2016 Gross carrying amount Accumulated amortisation Carrying amount at start of period Amortisation expense Carrying amount at 30 June 2017 Year ended 30 June 2018 1 July 2017 Gross carrying amount Accumulated amortisation Carrying amount at start of period Additions Transfers to/from Work in Progress Amortisation expense Carrying amount at 30 June 2018

Web Computer Web development software development in progress ($000) ($000) ($000)

Total ($000)

83 (83) -

304 (207) 97

25 25

412 (290) 122

-

(48) 49

25

(48) 74

83 (83) -

304 (255) 49

25 25

412 (338) 74

-

25 (49) 25

(25) -

(49) 25

Initial recognition Acquisitions of intangible assets costing $5,000 or more that comply with the recognition criteria as per AASB 138.57 (as noted below), are capitalised.

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